Why XRP could “Potentially be Worthless,” over Concern of “Scam” & “Sell-off”

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Ben Askren, a former Olympic wrestler who also competed in the Ultimate Fighting Championship (UFC) says XRP is a scam.

The retired professional mixed martial artist isn’t interested in the third largest cryptocurrency but has been sharing his love for Bitcoin on Twitter for some time now.

Last year, he addressed the “idiots (…) commenting that Bitcoin has no utility you need to stop thinking you are so smart and do more research.”

He even called out for $10k in June 2019 and bought more BTC when it was around $8,500 stating, “now all of you twitter geniuses can tell me Crypto is a scam while my assets go up!”

While conducted a poll on, “Someone gives you a $10,000 that you can’t touch for 10 years, would you rather have the 10k gift in,” he explained how $10k worth of BTC bought about 10 years back would have been now worth $26 billion while gold would have been only at $15,000.

Askren is also into Litecoin that sponsored him in UFC, a part of the Litecoin Foundation’s marketing campaign for the mainstream adoption of LTC, for which he gave a shout-out to the Litecoin community.

“I’m especially honored to represent you guys, because you are a cause and something I believe in. Obviously I hold a lot of Litecoin myself. I think it’s especially great when not just that I get a sponsorship, but when I get one that I believe in and that I think can help make a better future. And I think that all of you guys see that vision as well,” he said at that time.

Fear of Sell-off and Another Leg Lower

Askren might not like XRP but its price is enjoying green as it trades at $0.238. However, some investors and traders are now concerned about a potential sell-off as large amounts of XRP has been moved to the exchanges, as per XRPL Monitor.

Because XRP is down over 6% against BTC in the past 7-days, analyst Jacob Canfield also says it could move even lower.

“Ripple is just getting painful to look at when many other majors and bitcoin itself is breaking out. Needs to push up soon or we could see another low incoming,” said Canfield.

Ripple’s IPO to Make XRP Worthless

Recently, in the latest episode of RT’s Boom Bust, Anor Christy Ai said XRP needs more use in the real world and could have a “major devaluation” on the horizon.

“Right now, half the people in XRP are not using it for the actual utility. They’re holding it like an investment. So back when it ballooned up to $3.00, or even now when it’s at 22 cents – as a utility token, it’s not worth 22 cents. So we are expected to see a major devaluation even though it does have a utility purpose,” said Ai.

She also feels Ripple deciding to go with an IPO would make XRP worthless as she explains, “When a company IPOs, it sells its shares to raise money. But up until now, the company has been selling coins, XRP, to raise funds… so if it now decides to sell shares and go public, XRP could potentially be worthless, obsolete.”

In another instance, economist Jeffrey Tucker, editorial director at the American Institute of Economic Research said, “Anything could happen. XRP could fall to zero but it could also be worth a million dollars. The same thing you could say about Bitcoin and all the other versions out there. Crypto is a complicated technology.”

Tucker also called XRP an “important technology” but said more retail investors need to believe in it for the digital asset to thrive in the long term.

Meanwhile, the Liquidity Index for Bitso XRP/MXN has hit an all-time new high and the same has been the case for Liquidity Index for Coins.ph XRP/PHP which also hit an ATH.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...